TSSIX vs. LSMSX
TSSIX (Thornburg Strategic Municipal Income Fund) and LSMSX (Western Asset SMASh Series TF Fund) are both Municipal Bonds funds. Over the past 5 years, TSSIX returned 1.28%/yr vs 0.67%/yr for LSMSX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. TSSIX charges 0.59%/yr vs 0.01%/yr for LSMSX.
Performance
TSSIX vs. LSMSX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TSSIX having a 0.97% return and LSMSX slightly higher at 1.01%.
TSSIX
- 1D
- -0.07%
- 1M
- -1.70%
- 6M
- 0.34%
- YTD
- 0.97%
- 1Y
- 4.74%
- 3Y*
- 4.53%
- 5Y*
- 1.28%
- 10Y*
- 1.99%
- ALL TIME*
- 4.12%
LSMSX
- 1D
- -0.10%
- 1M
- -1.89%
- 6M
- 0.16%
- YTD
- 1.01%
- 1Y
- 6.53%
- 3Y*
- 3.51%
- 5Y*
- 0.67%
- 10Y*
- —
- ALL TIME*
- 2.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TSSIX vs. LSMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSSIX Thornburg Strategic Municipal Income Fund | 0.97% | 5.62% | 3.77% | 5.51% | -8.30% | 1.50% | 4.03% | 5.99% | 1.04% | 4.00% |
LSMSX Western Asset SMASh Series TF Fund | 1.01% | 3.22% | 2.22% | 7.96% | -10.03% | 4.11% | 4.48% | 8.16% | 0.46% | 4.92% |
Correlation
The correlation between TSSIX and LSMSX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.75 |
The correlation between TSSIX and LSMSX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
TSSIX vs. LSMSX — Risk / Return Rank
TSSIX
LSMSX
TSSIX vs. LSMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Strategic Municipal Income Fund (TSSIX) and Western Asset SMASh Series TF Fund (LSMSX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TSSIX | LSMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.59 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.49 | -0.40 |
| Martin ratioReturn relative to average drawdown | 7.51 | 8.25 | -0.75 |
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Drawdowns
TSSIX vs. LSMSX - Drawdown Comparison
The maximum TSSIX drawdown since its inception was -12.64%, smaller than the maximum LSMSX drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for TSSIX and LSMSX.
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Drawdown Indicators
| TSSIX | LSMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -15.00% | +2.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -2.82% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | -7.49% | +2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -14.92% | +2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -1.77% | -1.89% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -2.81% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.85% | -0.17% |
Volatility
TSSIX vs. LSMSX - Volatility Comparison
The current volatility for Thornburg Strategic Municipal Income Fund (TSSIX) is 0.86%, while Western Asset SMASh Series TF Fund (LSMSX) has a volatility of 1.01%. This indicates that TSSIX experiences smaller price fluctuations and is considered to be less risky than LSMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSSIX | LSMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.01% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 2.28% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 2.89% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 4.50% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.49% | 4.48% | -0.99% |
TSSIX vs. LSMSX - Expense Ratio Comparison
TSSIX has a 0.59% expense ratio, which is higher than LSMSX's 0.01% expense ratio.
Dividends
TSSIX vs. LSMSX - Dividend Comparison
TSSIX's dividend yield for the trailing twelve months is around 3.87%, less than LSMSX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSMSX Western Asset SMASh Series TF Fund | 3.95% | 3.83% | 4.30% | 3.37% | 2.38% | 2.73% | 2.33% | 2.55% | 2.34% | 0.90% | 0.00% | 0.00% |
TSSIX Thornburg Strategic Municipal Income Fund | 3.87% | 5.27% | 4.42% | 2.86% | 2.48% | 2.08% | 2.61% | 2.95% | 2.76% | 2.65% | 2.40% | 2.63% |
Frequently Asked Questions
TSSIX and LSMSX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSMSX has higher volatility (1.01%) compared to TSSIX (0.86%). In terms of maximum drawdown, TSSIX dropped -12.64% vs LSMSX's -15.00%.
LSMSX currently has the higher Sharpe Ratio (2.44 vs 2.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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